Chinese international property portal Juwai.com is preparing its IT systems for a surge in Chinese international home-buying activity during this October's Golden Week national holiday in mainland China.
The two annual Golden Week holidays are peak periods for traffic to Juwai.com. Traffic to the portal’s mobile website and mobile app generally increase by two thirds over base levels during these periods, when a large number of Chinese are traveling overseas on trips that include both tourism and property hunting.
This October’s Golden week promises to be especially significant, due to a coincidence on the calendar that aligns the holiday known as the Mid-Autumn Festival with National Day, to give consumers an even longer holiday. This is encouraging more overseas travel. Total overseas trips made by tourists from China are expected to top 120 million in 2015, up 10% from 2014.
Golden Week is a week-long national holiday for approximately 760 million Chinese. The first-quarter Golden Week celebrates Chinese New Year, while the October Golden Week honors China’s National Day.
Nearly 5.2 million Chinese went abroad during the January 2015 Chinese New Year Golden Week alone. They spent approximately US$22.4 billion overseas, not including real estate purchases.
Real estate is the preferred asset for Chinese millionaires, and 66 percent of China’s high-net-worth individuals intend to invest in overseas property.